BUSINESS
No change in repo rate, GDP projected at 6.5% for FY24
The MPC decided to keep the repo rate -- the rate at which RBI lends to the banks -- at 6.5 per cent taking into account the macroeconomic conditions. In the same vein, the RBI Governor added the war against inflation to continue till the decline in inflation rate is closer to the target -- 4 per cent.
Digital transactions see 178% rise in volume in 3 years
According to official figures, between 2019-20 and 2022-23, the volume of digital transactions rose from Rs 4,572 crore to Rs 12,735 crore, showing a rise of 178 per cent in just three years. Also, BHIM-UPI has emerged as the preferred payment mode and has achieved a record of 753.48 crore digital payment transactions with the value of Rs 12.36 lakh crore in February 2023 alone, sources added.
Business correspondent as extended arm of banks needs to be strengthened
According to a report, there is a need to significantly expand the scope of digital financial services and address key challenges to make the industry self-reliant, more efficient, effective and impactful. Grameen Foundation India (GFI) and the Business Correspondent Federation of India (BCFI) have jointly released a report.
German economy to grow 0.3% in 2023: Leading institutes
Supply-side disruptions that had weighed on Europe's largest economy were easing, according to the RWI --Leibniz Institute for Economic Research, the Halle Institute for Economic Research (IWH), the Kiel Institute for the World Economy and the ifo Institute on Wednesday. Germany's manufacturing sector is expected to support economic activity in the coming quarters.
Global trade growth to slow to 1.7% in 2023: WTO report
The volume of world merchandise trade has been weighed down by the effects of the war in Ukraine, high inflation, tighter monetary policy and financial market uncertainty, the report said on Wednesday. However, the forecast for trade growth in 2023 is up from the previous estimate of 1 per cent from last October. China's adjustment of its Covid-19 measures is a "key factor" in this increase, the report added. The reopening of China is expected to boost international trade, the report said.
Digital transactions see 178% rise in volume in 3 years
According to official figures, between 2019-20 and 2022-23, the volume of digital transactions rose from Rs 4,572 crore to Rs 12,735 crore, showing a rise of 178 per cent in just three years. Also, BHIM-UPI has emerged as the preferred payment mode and has achieved a record of 753.48 crore digital payment transactions with the value of Rs 12.36 lakh crore in February 2023 alone, sources added.
Fortune of world's richest person Bernard Arnault crosses $200 bn for first time
The 74-year-old has become only the third person in history to amass an estimated fortune above the $200 billion. Tesla's Elon Musk and Amazon's Jeff Bezos have previously hit the milestone before their fortunes dropped back as technology companies share prices fell, The Guardian reported.
Bob Lee, Cash App creator and ex-CTO of Square, stabbed to death
MobileCoin confirmed to ABC7 News that Lee was killed in a fatal stabbing in San Francisco on Tuesday. The San Francisco Police Department responded to a report of a stabbing near the 300 block of Main Street in SoMa. Lee was taken to a hospital but succumbed to his injuries. No arrest has been made so far in the case.
Johnson & Johnson willing to pay $9bn to settle talc claims: Report
The healthcare giant said it still believed the claims were "specious" but was hoping the new settlement offer would help conclude its legal battle, the BBC reported. The figure marks a big boost over the $2 billion it had proposed previously. The new offer has significant support from people tied to the case, it said.
Real estate players concerned at impact of repo rate hike on home loans and EMIs
The interest rates on home loan is now at 9.5 per cent and above owing to the hikes in repo rates in the recent past, said Ramani Sastri, Chairman and MD, Sterling Developers. "Any further increase in policy rates means that interest rates on home loans may hit an all-time high and touch almost double-digit, which could have a substantial impact on buyer sentiments and affordability," Sastri said.
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